Indian Bank Plan May Curb Gold Prices – HSBC India's government is mulling a plan to allow commercial banks to recycle gold in an attempt to curb imports, HSBC says, citing a story by Reuters. "The Reserve Bank of India is looking to pilot a project to allow some banks to buy back gold from individuals at a higher price than pawn shops and jewelers to monetize the country's idle bullion, Reuters reported. According to The Times of India, an Indian daily newspaper, jewelry associations in Hyderabad said that the single-day surge of gold prices on Aug. 27 led to an increase in old gold being turned over to merchants for recycling. An increase in gold recycling may curb future price rallies, we believe," HSBC says.
Friday August 30, 2013 8:43 AM